Smart IoT-Enabled Real-Time Inventory Management System (SIRIMS) for Retail

Retail business has been revolutionized with real-time inventories by the Internet of Things (IoT) which has contributed by improving operational efficiency, reducing stock discrepancies, and streamlining supply chain processes. Considering the integration of smart sensors, RFID technology, AI-powered analytics as well and blockchain for transparent, automated stock monitoring and inventory systems, this paper explores how it can impact the inventory system. In this way, the proposed framework employs IoT devices to track inventory in real-time while edge and cloud computing are used quickly to process and make decisions on collected data. Thus, the inventory records are secured and immutable records using blockchain and machine learning algorithms to predict demand fluctuations. The system is also demonstrated by case studies to minimize the stock out, improve the restocking accuracy, and improve retail performance in general. The empirical results show that the improvements achieved are of the order of magnitude in terms of inventory accuracy, order fill time, and cost reduction. We discuss key challenges, such as scalability, cybersecurity concerns, the integration with the legacy system, and the direction toward future research for AI-driven automation and adding the aspect of cybersecurity. The findings demonstrate that IoT has substantial transformative potential for modern retail, providing an effective solution to retailers in providing real-time visibility, and predictive insights as well as enhancing customer satisfaction. The framework proposed in this study enhances the domain of smart retail with a scalable, efficient, and secure IoT-based inventory management framework.

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